Bank of America execs saw pay hike

Saturday

Feb 27, 2010 at 12:01 AM

By Rick Rothacker and Christina Rexrode,McClatchy-Tribune News Service

CHARLOTTE, N.C. | New Bank of America CEO Brian Moynihan received total compensation of about $6 million last year, up from about $3 million in 2008, according to a proxy filing Friday.Moynihan, who was head of consumer banking before becoming CEO on Jan. 1, received a salary of $800,000, plus a restricted stock grant worth $5.2 million and other compensation of $36,248. He received no bonus.Lewis, who stepped down Dec. 31, received no pay in 2009 except for “other compensation” of $32,171, largely for tax preparation and financial planning services. Lewis agreed last fall to receive no pay for 2009 as part of an agreement with the Obama administration’s pay czar.The biggest pay package disclosed by the Charlotte bank went to Tom Montag, president of global banking and markets, who received total compensation of $29.9 million. Montag, a former Merrill executive, received stock grants valued at $29.3 million, including $20 million doled out in January 2009 under a 2008 contract with Merrill. He also received a salary of $586,539 and other compensation of 30,423 for 2009.Montag’s Merrill stock grant vests over three years, with the first third vesting this January.Former Chief Financial Officer Joe Price, now head of consumer banking, also saw his pay go up in 2009. He received total compensation of about $6 million, up from about $2.5 million. He received a bigger stock grant in 2009.Former Chief Risk Officer Greg Curl, who vied with Moynihan for the CEO post, made more money than his new boss in 2009, bringing in $9.9 million, mostly in restricted stock. Curl, who is charged with handling bank relationships in China and elsewhere, is expected to retire later this year.After acquiring Merrill in January 2009, Bank of America faced a variety of investigations spurred by the payment of bonuses to Merrill employees before the deal to buy the struggling firm closed. After receiving $20 billion in extra government loans to complete the purchase, the bank fell under the purview of pay czar Ken Feinberg. Those restrictions lifted when the bank paid back all of its Troubled Asset Relief Program loans at the end of last year.The bank said that the pay for Moynihan and Curl was not under Feinberg’s authority. But the compensation committee still tried to keep their pay “consistent with the approach required by” Feinberg.

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